China Romance
General Discussion and Useful Links => Newbies Corner => Topic started by: Oiler1 on February 16, 2010, 07:35:13 pm
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Hi all,
I am going to China and Hong Kong in a week.
I am a Canadian, but I will have some US cash to convert, as the rate seems more or less stable in China compared to the Canadian and other currencies. I don’t think they easily cash Canadian dollars anyways or do they?
For safety, I should bring traveller’s checks. Are they easily cashable in China? If so, how much commission does the Bank of China charge?
If traveller’s checks are not an option, I was thinking of opening a Bank of China account there and depositing my converted cash in RMB. This means I can always use an ATM card instead of carrying loads of cash.
Advice please,
Don
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The larger Bank of China allow you to withdraw chinese money using your Canadian Debit card as long as your card has the plus logo. I never had problems in Shenzhen. When I was at a smaller city "Meizhou" I had to go to the city center to a larger branch where my card worked. Some ATM's allow 2000 rmb withdrawl per day while most allow 2500 rmb.
I have a TDCanda Trust Debit card and also once I withdrew funds on a M/C. If you take any cash with you for the trip, then make sure you do not convert it at the airport in Canada or the USA - they charge a premium.
Every time I withdrew in China I had an additional $5.00 Cdn Charge for the withdraw. Not to bad considering the fee we get hit with if using an ATM in a pub in Canada.
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Rhonald,
You withdrew money against your MC?!?!? You must have been quite in need as cash advances are just PAINFUL. I told my parents that if they EVER withdraw money against their credit card (any of them), to email me at the first opportunity or to call me to let me know. Otherwise the interest is calculated by the day.
I usually withdraw cash at the nearest ATM...I didn't know they charge $5 now...they used to charge $4... I do agree, don't touch the airports for the ATM, but the Thomas Cook offices aren't bad for converting money.
Don,
Most places in the airport will take canadian or american funds. But outside of the airport, it's best to have local currency. If you can, I'd try to get some RMB (500 or less) just to get you by. As has been mentioned here, you can get a better rate through your lady at any Bank of China (not the other banks there).
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There are at least 10 other threads about this. Take a look and all your questions will be answered.
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I searched all over but I couldn't find any threads on money options. Where are they?
I will use my debit and credit cards as a last resort.
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I have heard that the travelers checks are a pain in the butt to cash there. Signature must be EXACT or they refuse it. I know my sig changes each time so I see myself writing real slow with my tongue hanging out giving full concentration on how I'm signing? No thanks. :icon_biggrin:
I'm working on a few ways incase my card has trouble. Cash, crisp new bills, a way to get the money from online to a bank account? And a few other ways. Be prepared.
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Hong Kong is fine for using Credit Cards. I couldn't use my Credit Card in China except to pay for hotels.
Take RMB into China if you're going to a smaller city as the banks are a nightmare.
Asia is pretty safe so there's not usually too much problem with carrying your life savings around in cash :icon_biggrin:.
Oh and I have just remembered - if you take foreign cash make sure the notes are PERFECT!
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Oiler 1,
Check out the latest thread to cover some of your queries ''How much should I expect to shell out on a 2 week visit.''
David....
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Ok, I will carry the majority in US cash, about $500 in CAD cash and some travellers checks in case I get robbed.
The Banks charge $5.00 each time I use my debit card plus 2.5% over and above the current exchange rate. It is beneficial to not use the banks as much as possible but then you take a risk too.
How much do they charge to cash traveler's checks in China?
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When you come to meet up with me then I will happily throw any damaged notes into my bin for you. (and I will dig them out later):icon_cheesygrin::icon_cheesygrin:
The Bank of China ATM's have instructions in English so are easy to use and they have a higher limit than some of the others.
Travellers checks are a your last line of defence - your signature has to be perfect in every way. The reason for this is that the staff probably cannot read your signature so have to compare it loop for loop and stroke for stroke. The Chinese just use their names as signature and every one with the same names has the same signature!!! Well that is what my wife tells me.
Just bring lots of RMB with you, you can get some in Hong Kong before you arrive in Zhongshan. If you do change money anywhere make sure you do not take any of the new 500 rmb notes as no one wants to change them - even the banks will not take them so they are not widely circulated
You can open an account with The Bank of China as you are going to be here for a few weeks but you will need to check with the Bank as sometimes you can only use their cards in the Province where your account is.
Not sure about Asia being pretty safe but China and in particular the areas you intend to visit in China are fairly safe.
Not many shops accept Cards for payments
Willy
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6.83 USD 6.53 CAD .8797 HK at this moment. My last resort is to get cash withdrawal from my credit card at a Chinese bank I suppose.
My friend in Canada went to Shanghai and opened an account there but she was only in Shanghai. I plan to be in the south and north of China so I have to find out if I can use an ATM all over CHina or not.
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Oiler 1,
The golden rules are ...... NEVER, Change your money up in your own country, NEVER change your money at airports or hotels, unless you absolutly have too, and then very small amounts...
ALWAYS, bring pristine banknotes with you .... no old or torn notes. ALWAYS inform your credit/debit card bank that you will be traveling to China......
Only bring enough RMB to cover you for your first day, 50 US Dollars will more than cover that....
David....
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Oiler 1,
The golden rules are ...... NEVER, Change your money up in your own country, NEVER change your money at airports or hotels, unless you absolutly have too, and then very small amounts...
ALWAYS, bring pristine banknotes with you .... no old or torn notes. ALWAYS inform your credit/debit card bank that you will be traveling to China......
Only bring enough RMB to cover you for your first day, 50 US Dollars will more than cover that....
David....
Thanks I know that from experience. Getting US from Canada is the only exception. I got some HK and RMB from the last time thank god.
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Oiler 1,
The golden rules are ...... NEVER, Change your money up in your own country, NEVER change your money at airports or hotels, unless you absolutly have too, and then very small amounts...
ALWAYS, bring pristine banknotes with you .... no old or torn notes. ALWAYS inform your credit/debit card bank that you will be traveling to China......
Only bring enough RMB to cover you for your first day, 50 US Dollars will more than cover that....
David....
This is the best advice on this issue. Personally, I converted $200 Canadian at the airport, but nothing more. And like David 5o said about pristine notes...they will inspect each bill individually. If they are not perfect, they will not exchange it for RMB at the banks!
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Oiler...just to touch on something else you mentioned in your first post here...I took only Canadian currency, and had absolutely no trouble converting it to RMB. Bank of China will accept CAD. I converted in both Guangzhou, and Changsha with no problems.
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Oiler...just to touch on something else you mentioned in your first post here...I took only Canadian currency, and had absolutely no trouble converting it to RMB. Bank of China will accept CAD. I converted in both Guangzhou, and Changsha with no problems.
Thank you, this is great. I am going to Zhongshan, maybe Guangzhou and Shanghai. I will take more Canadian and less American then.
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to much emphasis is put on this. bring your bank card and some good clean
crisp cash and you will be alright. if you decide to bring a m/c or visa it is good
to use for hotels. China is not in the dark ages and is willing to part you with
your cash
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I got RMB in the UK, who wants to mess around with changing money on holiday?
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I got RMB in the UK, who wants to mess around with changing money on holiday?
Your right Brett - who wants to mess around and changing money on holiday. Except finding your woman in China is NO HOLIDAY. It is a serious business and not one to be taken lightly. That is if you know what is good for you!!!!:icon_cheesygrin:
Willy
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You'll get a much better exchange rate here than at home, just spend n hour or two at a BOC and open an account, make sure they change your cash into RMB before it's deposited or you can only use that money in the city you open the account (weird as it's the same bank all over China) but you will get the card instantly, I have used my BOC debit card everywhere without any problems at hotels, E & W China, big shops & ATM/banks. I deposited about $4,000 AUS dollars & it cost about 50rmb to exchange & deposit it.
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thats an option for a long term stay Cam that works great here
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You'll get a much better exchange rate here than at home, just spend n hour or two at a BOC and open an account, make sure they change your cash into RMB before it's deposited or you can only use that money in the city you open the account (weird as it's the same bank all over China) but you will get the card instantly, I have used my BOC debit card everywhere without any problems at hotels, E & W China, big shops & ATM/banks. I deposited about $4,000 AUS dollars & it cost about 50rmb to exchange & deposit it.
The banks do have some strange ways.
I first opened a B of China account in Zhuhai and when I moved to Zhongshan I was unable to pay money into the account whilst in Zhongshan but could draw it out anywhere in Guangdong Province by ATM!
Just like the TV its all Chinese to me.
Willy
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thats an option for a long term stay Cam that works great here
Even for short term it's worth it, just leave a couple of hundred in the account and if you come back everything is set up there and ready to use again.
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You'll get a much better exchange rate here than at home, just spend n hour or two at a BOC and open an account, make sure they change your cash into RMB before it's deposited or you can only use that money in the city you open the account (weird as it's the same bank all over China) but you will get the card instantly, I have used my BOC debit card everywhere without any problems at hotels, E & W China, big shops & ATM/banks. I deposited about $4,000 AUS dollars & it cost about 50rmb to exchange & deposit it.
Do they charge you any fee each time you use the ATM card? They do in Canada!
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if ou use another bank branch you are charged a fee
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You'll get a much better exchange rate here than at home, just spend n hour or two at a BOC and open an account, make sure they change your cash into RMB before it's deposited or you can only use that money in the city you open the account (weird as it's the same bank all over China) but you will get the card instantly, I have used my BOC debit card everywhere without any problems at hotels, E & W China, big shops & ATM/banks. I deposited about $4,000 AUS dollars & it cost about 50rmb to exchange & deposit it.
Do they charge you any fee each time you use the ATM card? They do in Canada!
If you mean your home bank card I was charged about $9 Aust for each withdrawal by my local BankWest branch, using my BOC account there is no charge if used at any of the thousands of branches they have, really crap interest rates here, something like 1.5%, I'm getting close to 6% in Aus.
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I get charged about 4 GB pounds every time I withdraw 2500 rmb via my British debit card. I reckon this is a small price to pay for the very Chinese welcome I get at Bank of China ATM where the animated lady is continually bowing to me during the process. My wife rightly thinks I am nuts when I keep bowing back!!! One day that atm lady is going to stick a finger up at me!!!!!
Seriously though I think the 4.oo is money well spent as insurance as there is no danger of losing a large wad of money when carried around. And I get a good rate of exchange much better considerably much faster than cash exchanges in Banks.
Willy
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You are getting better interest rate there than here. Went to the bank her and it .4% interest on savings and checking, the CD's aren't
much better.
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banks are now down to .04 % interest??? wow or is it 4%
in the USA
just curious
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banks are now down to .04 % interest??? wow or is it 4%
in the USA
just curious
The banks are so poor now that you will need to pay THEM interest to misuse your money!!!!
Willy
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Willy,
POOR!!!! .....The banks are making money right now and BIG money at that, they just don't want to give us any, even though it was US that bailed the bastards out!!
Haven't you heard about the scandal that's going on with the British banks back home, giving themselves enormous bonuses, without paying back a single penny in loans/bail out money from the government. Plumb bloody crazy state of affairs... most of these bosses should be in jail for out and out fraud....
David....
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Willy,
POOR!!!! .....The banks are making money right now and BIG money at that, they just don't want to give us any, even though it was US that bailed the bastards out!!
Haven't you heard about the scandal that's going on with the British banks back home, giving themselves enormous bonuses, without paying back a single penny in loans/bail out money from the government. Plumb bloody crazy state of affairs... most of these bosses should be in jail for out and out fraud....
David....
Definately following the banks problems like Barclays only making 11 billion poinds profit. My POOR was in sarcastic terms!!!
They have to start paying back the loans at the end of this year which means that mortgaes although difficult to get now will be even more so in 2011 and loans to businsses will drop as well and that in turn will cause another credit crisis that could be worse than the one they are still going through.
You in the western world have still to do some belt tightening.
Willy
Willy
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If I do anymore belt tightening the buckle will be behind me?
Here in the US (without getting politicy) they are going to regulate the banks and insurance companies to make sure they do what they must without screwing people. They just started with the credit cards. This came into effect this last Monday. But the CC companies are already looking for loopholes to get around it.
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Willy,
The general consensus is that, they won't be paying anything back for 5 years!!! But they will be giving themselves ''Enormous Bonuses'' during that time. Makes you wonder doesn't it, these are the same people that, that brought their banks to there knees, and they were pulling enormous bonuses then too. Then you have these pricks, that turn round and say, you have to pay bonuses to keep the best people working for the company (Bank)!!!!! .....So can someone tell me, ... If these people are the best, what the hell were the worst people getting up too during these banks downfalls????
David.....
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Willy,
The general consensus is that, they won't be paying anything back for 5 years!!! But they will be giving themselves ''Enormous Bonuses'' during that time. Makes you wonder doesn't it, these are the same people that, that brought their banks to there knees, and they were pulling enormous bonuses then too. Then you have these pricks, that turn round and say, you have to pay bonuses to keep the best people working for the company (Bank)!!!!! .....So can someone tell me, ... If these people are the best, what the hell were the worst people getting up too during these banks downfalls????
David.....
According to some financial Euro wizard they have to start paying money back in January. But I hear what you say. RBS is paying staff 1.3 billion in bonus after posting a loss of 5 billion!!!
Willy
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Imagine getting a few million bonus for work well done when the company you work for is in the crapper? Yeah, good work?
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What these banks were doing, that took all of them to the crapper, was breaking every banking rule in the book.... They were also lying to government ombudsman, there stockholders, as well as to each other to boot!! Greed got the better of them, on paper they were making money hand over fist, but in reality, they were just passing around (buying and selling) worthless bit's of paper... They had all been warned upto 18 months prior, that these practices were unsustainable, and that the shit WILL hit the fan in the very near future when someone/institution stands up and asks for actual CASH!! But all carried on regardless, only thinking of there next big bonus, and spent even more money that they didn't have to spend!!
Many top legal beavers from the US, UK, Europe believe that all of these top brass bank guys could be successfully prosecuted for company fraud. As yet i have not personally heard of a single one of them being prosecuted. Only a very few were actually relieved (sacked) of there positions, or have even been forced to retire, albeit on fat-cat pensions, whether sacked or retiring....
David..
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Here in the US (without getting politicy) they are going to regulate the banks and insurance companies to make sure they do what they must without screwing people. They just started with the credit cards. This came into effect this last Monday. But the CC companies are already looking for loopholes to get around it.
What the card companies did, was change the rules before the deadline. Government gave them a few months to get ready for the changes. So, naturally, they raised the rates before the new regulations went into effect. I have only one CC that I use much. It was pretty reasonable as far as interest rates go. But a few weeks ago, I received their "new" terms. They changed it to a variable interest rate and it upped the interest rate another 2-3 percent. Thankfully, I don't use it that much, but it still burns my butt to think about it.
Don
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as usual with the banks the little guys pay for their stupid
mistakes and blunders. just imagine when i owned my business
and if i screwed it up would the feds have given me money to
right it? no way in @@@@
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I haven't had a credit card since 2003-2004. I had a few and stupidly I paid them all off? The reward for this was going from an 6% interest rate to 26%? They sent a "note" saying I have to send them a letter or it will remain at that interest. I sent it and they seemed never to receive it even though it was certified mail? I gave them a few choice words told them what to do with it and that was that. Almost the same with auto insurance. I bought a new SUV in 2003. A few months in they raised the bill $400.00? I asked why? No accidents or tickets? They gave a poor excuse a few months later they did it again. You see they thought they had me by the b***s a new SUV can't sell it without losing money? So they thought. My last word to them was "For being greedy, Now you get nothing". Back me against a wall and I'm coming out swinging.
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there is a copy of the 500 rmb note
also the 500 rmb note from the USA
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Many top legal beavers from the US, UK, Europe believe that all of these top brass bank guys could be successfully prosecuted for company fraud. As yet i have not personally heard of a single one of them being prosecuted. Only a very few were actually relieved (sacked) of there positions, or have even been forced to retire, albeit on fat-cat pensions, whether sacked or retiring....
David..
Yet a friend of mine got 5 years when the company he worked for went bust.
He was the financial director and he took the rap for the Chairman and MD who had covered their own ass.
He did far less than these bankers -
Willy
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Oh, speaking of money pictures, here's a good one:
[attachment=1758]